Rose asked:


You have toiled hard in your younger days and now that you are bound for retirement, you might think there are no other ways to earn money aside from your retirement fees. This is often a common predicament among senior citizens who are retired from their employment but still want to be more productive as long as finances are concerned.

Reverse mortgage for home purchase is a government-insured mortgage loan given to qualified applicants in order to give financial assistance in terms of home purchase and investment in real estate. Furthermore, this outstanding mortgage loan has certain twists that you can never find in usual mortgage types and categories.

First and foremost, one of the most uniquely beneficial features of reverse mortgage is that borrowers are not obliged to pay their monthly dues unlike the usual trend in home mortgage. In fact, they are the ones to receive payment in forms of tax-free income which they have the freedom to use in other purposes and ventures.

How to qualify for reverse mortgage?

Those who wish to acquire reverse mortgage loans will not experience the same tedious requirements that most mortgage plans imposed on their applicants such as credit reports and the like. There are basic things that applicants for reverse mortgage must comply with in order to be eligible for the loan.

First is that applicants must be from 62 years old and above as this mortgage plan is made to cater especially for seniors and retirees. The types of housing units are likewise listed under the scope of reverse mortgage which actually gives borrowers the luxury of choosing among a wide range of houses from single-detached residences, multi-unit houses, single unit in a multi-unit building, townhomes and condo units among others. This is a great opportunity for seniors to make their own preferences and choose what kind of dwelling place they wish to enjoy as a reward for all their hard-work.

Another requirement to be eligible for reverse mortgage is that any residential units or properties purchased through this type of loan must only be made primary residences and not as vacation homes or rental units. Basically, borrowers are already granted financial assistance through non-payment of monthly mortgage dues and they even receive monetary incomes for the said loans, thus in terms of economical reasons for their purchase, they are actually receiving a lot.

In terms of occupancy, borrowers are required to stay and remain in the residential unit they purchased using this loan program within 60 days of closing and onwards. Their benefits and incentives are granted provided that they occupy the residence. For those who decide to leave the premise or the property, they would have to pay for the dues incurred during the process of acquiring the reverse mortgage home loan and the acquisition of the residence as well.

The federal government has indeed created a remarkable regulation through reverse mortgage that ensures not only income-generating options for seniors but also provides them the chance to purchase their dream home to enjoy the fruits of their labor.



LUIS

Mark J asked:


New York Mortgage Home Loan believe in being very accurate with quotes regarding interest rates and estimated closing costs – and, we take this belief one step further – we attend settlement with every one of our customers to make sure what we quoted in the beginning is what shows up at the end from the lender.

A mortgage consultant is an independent agent, an intermediary between you the consumer and the mortgage lender. The mortgage consultant will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances. The best part – depending on your credit picture – there is no charge to the consumer for the service. The mortgage consultant’s fee is normally paid by the lender.

A Mortgage Consultant put together transactions between lenders and borrowers. They have Access to many different lenders, but don’t work for them as they work for the customers. New York Mortgage Home Loan independently advises and constructs the best mortgage plan, which usually costs the customer less than if they directly go to the lender themselves.

With the New York Mortgage Home Loan the customer can get the best of both worlds – access to big bank cost of money with lower overhead and better service.

The New York Mortgage Home Loan works hard, honestly, and intelligently. They are loyal to the customer as they share the conviction that the customer should be treated as a person, not a loan number. The customer should have the same contact person, from start to finish during the entire transaction. This one-person contact is available 24 hours a day/7 days a week.

New York Mortgage Home Loan also believes it is important for the customers to understand the issues which impact the decisions that only they can make. New York Mortgage Home Loan takes the time to provide the necessary information because only a well-informed customer can make the best decisions.

New York Mortgage Home Loan understands those concepts that often aren’t understood by most mortgage originators – property tax & hazard insurance escrow accounts, investor reporting, collection activities, foreclosure law, and most importantly, the understanding of the legal instruments which all borrowers must sign at closing.

New York Mortgage Home Loan believes in honesty, hard work, and attention to every detail related to the customer and mortgage. They provide accurate Rate Quotes. The Mortgage-related closing costs at settlement are exactly same as initially quoted. New York Mortgage Home Loan ensures professional & confidential interaction with clients.

A Mortgage Consultant is useful for any of the customers as with the fluctuation in interest rates of land; homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a mortgage consultant lies in the opportunity for you to effectively search a large segment of the mortgage industry for the optimum terms, rather than negotiate personally with only one or a few lenders.

A mortgage consultant can also be an independent source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today.



JULIUS